<p><strong>阿里巴巴集團</strong>(BABA -0.62%) 在過去兩年中經歷了一場轉型之旅，為下一階段的增長做準備。在這個過程中，這家中國電子商務巨頭幾乎完全重組了其高管團隊（包括首席執行官），加大了對核心業務的投入，並更加關注為股東創造價值。</p>
<p>儘管其轉型工作仍在進行中，但已有早期跡象表明這一努力開始帶來積極成果。讓我們深入探討一下。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTkwNDUvbG9naXN0aWMtMi5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTkwNDUvbG9naXN0aWMtMi5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>電子商務業務恢復健康增長</h2>
<p>曾經是中國電子商務行業無可爭議的領導者，阿里巴巴似乎在過去幾年中迷失了方向，年輕的競爭對手如拼多多和抖音逐漸擴大了市場份額，侵蝕了其市場地位。</p>
<p>但自從吳泳銘接任阿里巴巴首席執行官以來，他通過加大對業務核心方面——客户滿意度和人工智能（AI）的關注，同時剝離不相關的公司（如線下超市），為公司帶來了新的焦點。例如，今年早些時候，這家科技巨頭出售了其在實體超市永輝超市的股份，以專注於其核心電子商務平台業務。</p>
<p>到目前為止，這些努力已經為業務帶來了積極的結果。例如，在截至 3 月 31 日的季度中，中國電子商務業務的客户管理收入增長了 12%，相比於截至 12 月 31 日的季度的 9% 增長有所加速。相比之下，截至 2024 年 3 月 31 日的財政年度，客户管理收入的增長率僅為 4%。值得一提的是，88VIP 這一最高消費客户羣體同比增長了兩位數，超過 5000 萬。</p>
<p>除了中國電子商務業務外，阿里巴巴的國際電子商務業務在最新報告的季度中增長了 22%。該業務在地區（歐洲、亞洲和海灣地區）和平台（Aliexpress、Trendyol 等）上高度多樣化，為未來幾年提供了巨大的增長機會。</p>
<h2>雲計算業務正在加速發展</h2>
<p>曾被譽為阿里巴巴集團的明日之星，阿里雲在 2024 財政年度經歷了一段困難時期，收入僅增長了 3%，原因是需求疲軟和競爭加劇。阿里雲取消計劃中的首次公開募股也進一步影響了投資者情緒。</p>
<p>幸運的是，最近情況有所好轉，業務再次增長，藉助人工智能趨勢。在最新的季度中，收入激增 18%，達到 300 億元，主要得益於公共雲收入的快速增長。特別是，AI 相關收入持續保持三位數增長，這是連續第七個季度的三位數增長率。</p>
<p>AI 相關收入的穩固增長涵蓋了互聯網、零售、製造和媒體等多個垂直領域。換句話説，企業越來越多地採用雲計算和人工智能產品來改善其運營，這表明 AI 的採用趨勢在可預見的未來可能會持續。</p>
<p>在內部，阿里雲繼續投資最新技術，以確保其在人工智能競爭中保持領先地位。例如，它推出了 Qwen 3 模型，&#34;一種新一代混合推理模型，將快速、簡單的響應能力與更深層次的思維推理結合為一個模型。&#34;這一新模型旨在以更低的成本提供更強的性能，使其對企業和開發者具有很大的吸引力。</p>
<p>此外，阿里巴巴承諾在未來三年內重金投入基礎設施建設，以滿足未來預計的 AI 需求增長，計劃支出超過 500 億美元。簡而言之，阿里雲在未來幾年內有良好的增長勢頭。</p>
<h2>阿里巴巴正在回饋股東</h2>
<p>在最新的財政年度，阿里巴巴回購了 119 億美元的股票（佔流通股的 5.1%），並批准分配 46 億美元的年度和特別股息，向股東返還 165 億美元現金。而這還在 2024 財政年度向投資者返還 165 億美元之後。</p>
<p>阿里巴巴持續回饋股東的努力對於建立信任至關重要，尤其是在經歷了多年的監管壓力、增長放緩和領導層變動後，它希望重建信心。這也將有助於吸引投資者，特別是來自西方市場的投資者，長期持有該股票。</p>
<p>此外，向投資者返還現金也表明這家科技巨頭的財務狀況良好，能夠同時進行增長投資和回饋股東。</p>
<h2>這對投資者意味着什麼？</h2>
<p>阿里巴巴近期的表現表明，其轉型努力正在獲得動力，這家科技巨頭今天的定位遠比過去幾年要好。如果它能夠在未來幾個季度保持增長勢頭，投資者可以相信最糟糕的時期已經過去。</p>
<p>所有的目光都集中在接下來的幾個季度。</p>

阿里巴巴

阿里巴巴-W

<p>阿里巴巴集團正在進行轉型，專注於核心業務和股東價值。最近的指標顯示出積極的結果，包括客户管理收入增長 12% 和國際電子商務增長 22%。阿里雲也在復甦，收入激增 18%，這得益於人工智能的採用。公司回購了 119 億美元的股票，並分配了 46 億美元的股息，顯示出財務健康。這些發展表明阿里巴巴的扭轉努力正在獲得動力，為未來的增長和投資者信心奠定了良好的基礎</p>

<p><strong>Alibaba Group</strong>(BABA -0.62%) has been on a journey of transformation over the past two years as it prepares for the next growth phase. In this process, the Chinese e-commerce giant almost completely reshuffled its senior leadership team (including its CEO), doubled down on core businesses, and paid more attention to delivering shareholder value.</p>
<div class="lb-trans"><p><strong>阿里巴巴集團</strong>(BABA -0.62%) 在過去兩年中經歷了一場轉型之旅，為下一階段的增長做準備。在這個過程中，這家中國電子商務巨頭幾乎完全重組了其高管團隊（包括首席執行官），加大了對核心業務的投入，並更加關注為股東創造價值。</p>
</div><p>While its turnaround work is ongoing, there are early indicators that this effort has begun to deliver positive outcomes. Let's dive in and take a closer look.</p>
<div class="lb-trans"><p>儘管其轉型工作仍在進行中，但已有早期跡象表明這一努力開始帶來積極成果。讓我們深入探討一下。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTkwNDUvbG9naXN0aWMtMi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F819045%2Flogistic-2.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>The e-commerce business is back to healthy growth</h2>
<div class="lb-trans"><h2>電子商務業務恢復健康增長</h2>
</div><p>Once the undisputed leader in the Chinese e-commerce industry, Alibaba seems to have lost its way in the last few years as younger peers like Pinduoduo and Douyin gradually expanded their market share at the expense of the incumbent.</p>
<div class="lb-trans"><p>曾經是中國電子商務行業無可爭議的領導者，阿里巴巴似乎在過去幾年中迷失了方向，年輕的競爭對手如拼多多和抖音逐漸擴大了市場份額，侵蝕了其市場地位。</p>
</div><p>But since Eddie Wu took over as Alibaba's CEO, he has brought new focus to the company by doubling down on core aspects of the business -- customer delight and artificial intelligence (AI) -- while axing unrelated companies, such as offline supermarkets. For instance, early this year, the tech conglomerate disposed of its shares in Sun Art, a brick-and-mortar supermarket, to focus on its core e-commerce platform business.</p>
<div class="lb-trans"><p>但自從吳泳銘接任阿里巴巴首席執行官以來，他通過加大對業務核心方面——客户滿意度和人工智能（AI）的關注，同時剝離不相關的公司（如線下超市），為公司帶來了新的焦點。例如，今年早些時候，這家科技巨頭出售了其在實體超市永輝超市的股份，以專注於其核心電子商務平台業務。</p>
</div><p>So far, these efforts have already brought positive results to the business. For example, the Chinese e-commerce business reported 12% growth in customer management revenue in the quarter ended March 31, an acceleration from the 9% growth reported in the quarter ended Dec. 31, 2024. Comparatively, the customer management revenue growth rate was just 4% in the fiscal year ended March 31, 2024. It is also worth mentioning that 88VIP, the highest-spending customer group, grew by double digits year over year to more than 50 million.</p>
<div class="lb-trans"><p>到目前為止，這些努力已經為業務帶來了積極的結果。例如，在截至 3 月 31 日的季度中，中國電子商務業務的客户管理收入增長了 12%，相比於截至 12 月 31 日的季度的 9% 增長有所加速。相比之下，截至 2024 年 3 月 31 日的財政年度，客户管理收入的增長率僅為 4%。值得一提的是，88VIP 這一最高消費客户羣體同比增長了兩位數，超過 5000 萬。</p>
</div><p>Beyond its Chinese e-commerce business, Alibaba's international e-commerce business grew 22% for the latest reported quarter. This business is highly diversified in regions (Europe, Asia, and the Gulf Region) and platforms (Aliexpress, Trendyol, etc.), providing enormous growth opportunities in the coming years.</p>
<div class="lb-trans"><p>除了中國電子商務業務外，阿里巴巴的國際電子商務業務在最新報告的季度中增長了 22%。該業務在地區（歐洲、亞洲和海灣地區）和平台（Aliexpress、Trendyol 等）上高度多樣化，為未來幾年提供了巨大的增長機會。</p>
</div><h2>The cloud computing business is picking up steam</h2>
<div class="lb-trans"><h2>雲計算業務正在加速發展</h2>
</div><p>Once dubbed the rising star within Alibaba Group, Alibaba Cloud experienced a difficult period in fiscal 2024, when revenue grew at just 3% amid weak demand and competition. It didn't help that Alibaba Cloud cancelled its planned initial public offering, further impacting investor sentiment.</p>
<div class="lb-trans"><p>曾被譽為阿里巴巴集團的明日之星，阿里雲在 2024 財政年度經歷了一段困難時期，收入僅增長了 3%，原因是需求疲軟和競爭加劇。阿里雲取消計劃中的首次公開募股也進一步影響了投資者情緒。</p>
</div><p>Fortunately, things have turned for the better lately, as the business is growing again, leveraging the AI trend. In the latest quarter, revenue surged 18% to 30 billion yuan, driven mainly by faster public cloud revenue growth. In particular, AI-related revenue sustained triple-digit growth, the seventh consecutive quarter of triple-digit growth rates.</p>
<div class="lb-trans"><p>幸運的是，最近情況有所好轉，業務再次增長，藉助人工智能趨勢。在最新的季度中，收入激增 18%，達到 300 億元，主要得益於公共雲收入的快速增長。特別是，AI 相關收入持續保持三位數增長，這是連續第七個季度的三位數增長率。</p>
</div><p>The solid improvements in AI-related revenue were across a wide range of verticals, such as the internet, retail, manufacturing, and media. In other words, businesses are increasingly adopting cloud computing and AI offerings to improve their operations, suggesting that the AI adoption trend could continue for the foreseeable future.</p>
<div class="lb-trans"><p>AI 相關收入的穩固增長涵蓋了互聯網、零售、製造和媒體等多個垂直領域。換句話説，企業越來越多地採用雲計算和人工智能產品來改善其運營，這表明 AI 的採用趨勢在可預見的未來可能會持續。</p>
</div><p>Internally, Alibaba Cloud continues to invest in the latest technology to ensure that it remains a leading contender in the AI race. For instance, it launched the Qwen 3 model, &#34;a new generation of hybrid reasoning models that combine the capabilities of fast, simple responses and deeper chain-of-thought reasoning into a single model.&#34; This new model aims to deliver stronger performance at lower costs, making it highly appealing to enterprises and developers.</p>
<div class="lb-trans"><p>在內部，阿里雲繼續投資最新技術，以確保其在人工智能競爭中保持領先地位。例如，它推出了 Qwen 3 模型，&#34;一種新一代混合推理模型，將快速、簡單的響應能力與更深層次的思維推理結合為一個模型。&#34;這一新模型旨在以更低的成本提供更強的性能，使其對企業和開發者具有很大的吸引力。</p>
</div><p>Besides, Alibaba has committed to spending heavily on building the infrastructure needed to accommodate the expected increase in AI demand in the future, aiming to spend more than $50 billion in the next three years. In short, Alibaba Cloud is well-positioned to sustain its growth momentum in the coming years.</p>
<div class="lb-trans"><p>此外，阿里巴巴承諾在未來三年內重金投入基礎設施建設，以滿足未來預計的 AI 需求增長，計劃支出超過 500 億美元。簡而言之，阿里雲在未來幾年內有良好的增長勢頭。</p>
</div><h2>Alibaba is rewarding its shareholders</h2>
<div class="lb-trans"><h2>阿里巴巴正在回饋股東</h2>
</div><p>For the latest fiscal year, Alibaba repurchased $11.9 billion of its stock (5.1% of the outstanding shares) and approved the distribution of $4.6 billion of annual and special dividends, returning $16.5 billion in cash to shareholders. And that's after returning $16.5 billion to investors in fiscal 2024.</p>
<div class="lb-trans"><p>在最新的財政年度，阿里巴巴回購了 119 億美元的股票（佔流通股的 5.1%），並批准分配 46 億美元的年度和特別股息，向股東返還 165 億美元現金。而這還在 2024 財政年度向投資者返還 165 億美元之後。</p>
</div><p>Alibaba's ongoing efforts to reward its shareholders are essential to building trust, especially as it seeks to rebuild confidence following years of regulatory pressure, slowing growth, and leadership transitions. It will also help attract investors, especially those from the Western markets, to hold the stock for the long term.</p>
<div class="lb-trans"><p>阿里巴巴持續回饋股東的努力對於建立信任至關重要，尤其是在經歷了多年的監管壓力、增長放緩和領導層變動後，它希望重建信心。這也將有助於吸引投資者，特別是來自西方市場的投資者，長期持有該股票。</p>
</div><p>Moreover, returning cash to investors also signals that the tech giant is in good financial shape, so much so that it can invest in growth and reward shareholders simultaneously.</p>
<div class="lb-trans"><p>此外，向投資者返還現金也表明這家科技巨頭的財務狀況良好，能夠同時進行增長投資和回饋股東。</p>
</div><h2>What does it mean for investors?</h2>
<div class="lb-trans"><h2>這對投資者意味着什麼？</h2>
</div><p>Alibaba's recent performance suggests that its turnaround efforts are gaining momentum and that the tech giant is much better positioned today than it was in the last few years. If it can sustain its growth momentum in the coming quarters, investors can be confident that the worst is over.</p>
<div class="lb-trans"><p>阿里巴巴近期的表現表明，其轉型努力正在獲得動力，這家科技巨頭今天的定位遠比過去幾年要好。如果它能夠在未來幾個季度保持增長勢頭，投資者可以相信最糟糕的時期已經過去。</p>
</div><p>All eyes are on for the next few quarters.</p>
<div class="lb-trans"><p>所有的目光都集中在接下來的幾個季度。</p>
</div>

3 Signs That Alibaba's Turnaround Effort Is Bearing Fruit

- 阿里巴巴在過去兩年進行了高管重組，專注於核心業務。  
- 其中國電商業務在 2025 年第一季度實現 12% 增長，國際電商增長 22%。  
- 阿里雲收入增長 18%，AI 相關收入持續三位數增長，展現出強勁勢頭。

阿里巴巴的轉型努力正在取得成效的三個跡象